To help ease the integration and alignment of sustainability reporting with financial reporting, Oracle today introduced the Sustainability Reporting Starter Kit for Oracle Hyperion Financial Management.
The prebuilt application enables a repeatable, accurate and auditable approach for consolidating environmental, social and economic metrics necessary for corporate sustainability reporting.
The application includes content from the Global Reporting Initiative’s (GRI) Sustainability Reporting Guidelines. The content is verified by GRI, a network-based organization that produces a comprehensive sustainability reporting framework that is widely used around the world.
The starter kit is available free of charge to customers and partners to jumpstart sustainability reporting initiatives using Oracle Hyperion Financial Management.
Prebuilt Sustainability Reporting Application Speeds Time to Value While Replacing Manual, Error-Prone Spreadsheets and Email
Sustainability reporting is mandatory in many countries, and is performed by organizations globally on a voluntary basis. Over 2,000 organizations have registered their sustainability reports with GRI.
By leveraging the powerful consolidation and reporting capabilities of Oracle Hyperion Financial Management, organizations can align their corporate sustainability reporting process with the financial reporting process as opposed to building a separate, ad-hoc process.
The Sustainability Reporting Starter Kit for Oracle Hyperion Financial Management includes a prepackaged chart of accounts based on GRI’s G3.1 Sustainability Reporting Guidelines, prebuilt task lists and Web data entry forms, prebuilt conversion rules and calculations, and reports customizable to meet company needs.
Organizations can integrate data directly from various financial, human resources (HR), facilities and other applications using Oracle Data Integrator or Oracle Hyperion Financial Data Quality Management, or users can enter data directly into the sustainability reporting application.
Based on energy and GHG conversion factors entered for each energy source, the prebuilt conversion calculation rules enable consumption data to be entered in any local measure for conversion to any other reporting measure (i.e. kilowatt hours converted to gigajoules).
Taking advantage of the target setting and scenario capabilities of Oracle Hyperion Financial Management, organizations can enter corporate sustainability targets and measure actual results against them such as energy reduction, GHG emissions or HR goals.
The audit trail, process management and security features of Oracle Hyperion Financial Management also offer users the confidence and accuracy in reporting to internal management as well as external auditors.
Benefits of the starter kit span:
More efficient consolidation of corporate sustainability reporting data (economic, environmental and social);
Enabling Oracle Hyperion Financial Management customers to take advantage of existing IT investments and to apply the application to a new set of reporting requirements;
Improving communication and relations with key stakeholders such as customers, employees, partners and suppliers;
Improving brand image through increased sustainability reporting transparency; and,
Regulatory compliance with sustainability reporting in countries including Finland, France, the Netherlands, Spain and Sweden.
“Sustainability Reporting is becoming increasingly important to finance executives as stakeholders demand better disclosures regarding environmental and social impacts of the organizations they do business with,” said John O’Rourke, vice president of Product Marketing, Oracle Enterprise Performance Management. “The Sustainability Reporting Starter Kit for Hyperion Financial Management will enable them to align their sustainability reporting processes with their financial reporting processes while accelerating their sustainability reporting projects and providing them with a repeatable, accurate and auditable approach.”
“This starter kit complements the transactional capabilities for sustainability accounting provided by Oracle Environmental Accounting and Reporting,” said Jon Chorley, Chief Sustainability Officer, Oracle. “It brings to environmental accounting, the same consolidation and reporting capabilities as Oracle Hyperion Financial Management provides to financial reporting.”
“Many organizations who perform GRI-based sustainability reporting are challenged by manual, spreadsheet-based approaches that are often error-prone,” said Michel Schoolenaar, Senior Consultant Oracle EPM, Centre Consulting. “The Sustainability Reporting starter kit for Oracle Hyperion Financial Management will allow us to accelerate sustainability reporting efforts for our customers, integrate this more closely with financial reporting, and ensure accuracy for stakeholders.”
“Sustainability reporting needs similar rigorous processes as financial reporting. This includes clear reporting guidelines and definitions, good control mechanisms, audit trails, and control over changes in reported data,” said George Turk, Group Vice President of Reporting at Telenor Group. “By moving the sustainability reporting out of spreadsheets into Hyperion Financial Management, the content owners are able to spend their time performing analysis, rather than dealing with quality control issues invariably associated with manual reporting.”
About the Global Reporting Initiative
The Global Reporting Initiative (GRI) drives sustainability reporting by all organizations. GRI produces a comprehensive Sustainability Reporting Framework that is widely used around the world, to enable greater organizational transparency. The Framework, including the Reporting Guidelines, sets out the Principles and Indicators organizations can use to report their economic, environmental, and social performance. GRI is committed to continuously improving and increasing the use of the Guidelines, which are freely available to the public.
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Joan Levy, Blanc & Otus for Oracle
P: +1.415.856.5110 / E: jlevy[.]bando.com.
Lucy Goodchild, Global Reporting Initiative
P: +31 (0) 20 531 00 67 / E: Goodchild[.]globalreporting.org.